COULD YOU MAKE IT ON STANDARD DISABILITY BENEFITS?
How much would you receive if you became disabled? Here is a worksheet that will help you determine if you have enough insurance to cover your loan payments if you became disabled and were unable to work.
If your expenses exceed your disability payment, you'll need to draw on backup savings to meet ongoing expenses.
If you have disability coverage through your employer, make sure you know:
Losing a job is something we'd rather not think about. Unfortunately, it can be a very real possibility. if you experience a job loss, will you receive a severance package from your employer? Are you prepared for the additional stress and financial strain of being unemployed?
* Overview of Entitlement Programs, Green Book, Ways and Means Committee, Washington, D.C.
It's also important to have life protection to financially protect your home and family if you couldn't be there for them.
Enter the amount that would allow your family to:
Compare the total to the amount of life protection coverage you currently have. If there is a gap, you may wish to consider adding additional insurance, such as a Payment Protection coverage.
*The average cost to raise a child to the age of 18 (not including college) is $241,080 according to a study by the U.S. Department of Agriculture.